Exciting Discoveries from the Latest Drill in Oil Exploration
Exciting Results from Recent Drilling Activities
VANCOUVER, B.C. — Black Gold Exploration Corp. (the "Company" or "BGX") (CSE: BGX) (FRE: P30) has successfully completed its drilling activities at the Fritz 2-30 well. This significant project was focused on exploring the oil and gas potential of a well in Clay County, Indiana. BGX has a 10% working interest in the well and is excited about the opportunities presented by this program.
Multiple Pay Zones Confirmed
The primary aim of the drilling program was to assess possible pay zones through advanced geological evaluations, including 3D seismic analysis. The results have been astonishing, revealing several zones with expected high porosity levels. BGX has confirmed the discovery of multiple pay zones located within the Carper Sand and Devonian formations, all positioned above total depths of 1,900 feet.
Expert Insights on the Findings
CEO Howard Crosby of LGX emphasized the significance of these outcomes. “These results confirm the accuracy of our analysis, and we are delighted with what we have achieved in this drilling program. There is potentially even more untapped value remaining in this oil field,” he noted.
Opportunities for Additional Wells
The drilling initiatives not only confirmed existing findings but also pointed towards the potential for several additional offset wells related to the discovery well. BGX is exploring the possibilities of establishing further wells in both the Carper Sand and the Devonian formation.
Excitement Among Executive Leadership
BGX's CEO, Francisco Gulisano, expressed enthusiasm over the prospects of the drilling program. “We’re thrilled with what we have uncovered; multiple pay zones mean we can also anticipate several additional offset wells. This is indeed a pivotal moment for us!”
Next Steps for Production
The drilling program results indicate that the well could be completed and placed into production within a short timeframe of approximately 30 to 60 days. Collaboration between BGX and LGX will continue as they move towards finalizing processes for production. Upcoming flow tests and swab tests will be conducted to evaluate the well’s productivity and reservoir characteristics. BGX expects that these assessments will allow for more accurate production estimates and aid in planning the layout for future offset wells.
Positive Outlook for Shareholders
Gulisano reassured shareholders about the company's strategic direction: “I am glad to report that our strategy in the Illinois Basin is yielding promising results. We are looking forward to producing cash flow potentially as early as the next quarter. The Fritz Well might be just the start of a fruitful partnership with LGX.”
Rising Industry Recognition
As BGX continues its rapid growth in the Illinois Basin, wider industry recognition is being garnered. The company’s activities have not gone unnoticed, contributing to their rising profile. BGX is committed to maximizing shareholder value while expanding their operational reach across oil and gas assets both in Argentina and the United States.
For any inquiries, please reach out:
Francisco Gulisano
Chief Executive Officer
236-266-5174
Frequently Asked Questions
What drilling program has BGX recently completed?
BGX has completed drilling at the Fritz 2-30 well, targeting multiple oil and gas pay zones.
What formations have been confirmed for pay zones?
Pay zones have been confirmed in the Carper Sand and Devonian formations.
What is the company's working interest in the well?
BGX holds a 10% working interest in the Fritz 2-30 well.
How soon can production begin from the well?
Production could potentially begin within 30 to 60 days following the completion of the well.
What future plans does BGX have for additional wells?
BGX anticipates the potential for several additional offset wells based on the findings from the current drilling program.
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